Some of the links in this post are affiliate links. This means if you click on the link and purchase the item, I will receive an affiliate commission at no extra cost to you...you're just helping re-supply our family's travel fund.
This post has been sponsored by Adding Zeros — I’m reviewing Pulling Profits Out of a Hat
Successful businesses appear almost effortless–like the CEO is always on vacation in Bali, sipping on jamu, all whilst managing her remote team and tan. I’ll be sharing with you some secrets I’ve learned about increasing profits in business, and how it’s really not magic.
According to Brad Sugars and Monte Wyatt, there are five disciplines to help leaders achieve sustainable, predictable, stable, and consistent success with an emotional connection. Their secret sauce, they claim, promises exponential growth.
They reveal these five disciplines in Pulling Profit$ Out of a Hat — Adding Zeros to Your Company Isn’t Magic. When I receive my book in the mail, I find that it’s much heavier than most books of its size. I quickly thumb through the back pages — examining the text size and number of pages: 374 with average size text.
The geniuses behind the goods in Pulling Profits Out of a Hat
Sugars is a an international best selling author, multimillionaire, and founded ActionCOACH — where his team works with tens of thousands of business owners in more than 70 countries. If you don’t recognize him from his esteemed business accolades, you might recall how he and his wife, among thousands of others, were survivors of the Las Vegas tragedy during a 2017 country music festival. One of his daughters is the youngest survivor of the attack and has been featured in multiple media stories.
Wyatt is one of the top coaches for ActionCOACH Business Coaching, and brings 20 years of experience in leadership, business, and personal development to the table.
Suffice to say, we can all stand to learn a thing (or five) from them both.
It’s not magic
When people see the success that I have in my business now, they tend to compare themselves to where I’m at. What they don’t realize is that they’re comparing their Plan A to my Plan X, Y, or Z. They didn’t see that I spent most of my business years broke — especially in the beginning. It was late nights, early mornings, profits in the red, and so many mistakes.
What often looks like an overnight success rarely ever is. You’re not seeing the late nights, early mornings, profits in the red, and so many mistakes.
Sugars and Wyatt share how it often looks like magic because these successful companies focus on the future instead of looking for feedback on what went wrong. They just keep on trucking.
The truth is — it comforts our egos when we can think of things happening like magic. It’s not fun to say that someone, or a company, worked really hard on something to make it happen. That makes people feel lazy and not-good-enough. Now, if we call it a miracle, or magic — well now there’s something I can get behind! It’s an extraordinary thing that no one else — especially not myself — can possess!
Adding zero vs adding zeros
In Pulling Profits Out of a Hat, we’re encouraged to add zeros to what we do. Essentially, it’s about making sure what you have in place has value. If we can take that value and increase it, we’re adding zeros. This is how you can take a company’s investments, like furniture, employees, inventory, technology, etc, and increase its value. By increasing one, you increase the other for exponential growth.
To master exponential growth, you’ll need to incorporate the Five Disciplines into your business.
The Five Disciplines
- Strategy (it’s not about products!)
- Business Development (test and measure numbers in marketing, sales, and customer service)
- People (you get the staff you deserve)
- Execution (you’ve got to keep consistent!)
- Mission (purpose is more important!)
The compounding effect of exponential growth can only begin when the 5 disciplines are working well and in harmony.
My biggest takeaway
There are so many golden nuggets in this book, but my favorite is on habits. The authors share that habits allow us to create processes, and when we have processes we can create consistency. This is probably something that I’ll re-read several times — as a business coach, I know that consistency will beat talent 100% of the time.
Looking for Pulling Profits Out of a Hat? It’s available wherever fine books are sold.
Love this? Please share on social media: